Valley home prices rising fastest in U.S.

PHOENIX -- Home prices are rising in the Valley faster than anywhere else in the nation, a pricing index showed.

The latest Case-Shiller home price index showed that home prices in the Phoenix area jumped by 22.5 percent in the past year.

Diane Brennan, host of "That Real Estate Show" on KTAR, said that Phoenix home prices were the first to drop during the recession, so it only makes sense that the Valley tops the list now that prices are making a comeback.

In fact, Brennan said some areas of the Valley have home prices that are rising much faster than that 22.5 percent figure.

"It might be 22 percent on average, but we've seen some places jump 100 percent in some of the hardest hit areas," she said, adding that those areas include south Phoenix, Queen Creek, San Tan Valley and other outlying areas.

The prices are rising because the demand for homes is high, while the inventory is low. That causes a problem for realtors like Brennan.

"It's frustrating for realtors and real estate agents in the Valley because we have buyers, but we just don't have any sellers."

Brennan said many people are still hanging on to their homes because they were underwater in their mortgage and they don't realize that prices have risen.

Brennan does not believe in predictions that Phoenix is in a second housing "bubble" that is about to burst.

"I think that ‘other bubble' is a bunch of malarkey," she said. "I think those people who are panicking and calling doomsday again is unfounded."

Brennan said if you're thinking of selling your home or even refinancing your mortgage, now's the time to ask your realtor what your home is worth.

About the Author

Education: I was born in San
Antonio, Texas, but we moved to Phoenix when
I was one-year-old in 1957. I grew up here
and graduated from Alhambra High School and
attended Phoenix College.

Family: I am married to my wife
Rene', who is a librarian in the Washington
school district. During free time, I may be
found playing basketball in the driveway with
my son, Devin. He's also keeping me busy
with school, Little League, and playing in
chess tournaments around the Valley.

Favorite news memory: We have to go
back to October 15, 1979. I was a country
music air personality at KROP Radio in
Brawley, California, when we had a 6.7
earthquake. Thankfully, there were no deaths
and only minor injuries, but the entire
community was pretty freaked out and
listening to the station on their transistor
radios. I would not want to go through an
earthquake again, but it sure was a great
night to work in radio and see how it can
make a difference in people's lives.

First job: Working as a stringer
for 'The Arizona Republic' at high school
football games. My first real job was
flipping burgers at the old Sandy's
Hamburgers at 51st Avenue and Indian School
Road. My first radio job was as announcer at
KALJ radio in Yuma in 1977.

First concert: Doug Oldham gospel
concert in the 1970s at the old East High
School in Phoenix.

Favorite sports team: Phoenix
Roadrunners minor league hockey. My dad took
me to a game when I was in grade school, and
I was hooked. I wanted to be a radio hockey
play-by-play man. I used to take my cassette
recorder and sit up in the rafters of the
Coliseum and do play-by-play. It was great
later in life to also take my son to
Roadrunners games. Too bad the team just
folded, I'll miss them. (Going to the
Coyotes is fun, but they're not "my" team.)

Outside interests: My family and I
are active in our church - Northern Hills
Community Church in Phoenix. We enjoy going
to movies, sporting events, and like to
vacation at the Beach Cottages in the Pacific
Beach area of San Diego. And I love to play
catch, basketball, football with my son.